Will you prepare your tax return manually for filing in Canada? Use tax preparation software? Paper file your return? NETFILE? EFILE? So many choices, so little time! There’s no need to panic, though. The pros and cons of each option are outlined here to help you choose the filing method that best fits your needs.
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Choosing the preparation option that’s right for you
23 rows The 'Services Available' column indicates this certified software product has been approved. If you use a Mac computer, you can file your tax return using any of the following TurboTax products: TurboTax online edition (for more information, click here: link); TurboTax Live (for more information, click here: link); TurboTax products for self-employment (for more information, click here: link); You can also complete your tax return on your smartphone or tablet using the TurboTax mobile.
- Jul 08, 2020 Credit Karma's tax software has its limitations - you can't import a tax return from a competitor. To start filing, you need to grab the IRS transcript of last year's tax return.
- Online Canadian income tax software from TurboTax® Canada. Use our 100% free income tax software to prepare and file your 2019 income tax return online or download our free tax software. CRA NETFILE certified. See why TurboTax® is Canada's #1 income tax software. File your 2019 tax return online now!
- Make changes to your 2019 tax return online for up to 3 years after it has been filed and accepted by the IRS through. Terms and conditions may vary and are subject to change without notice. #1 best-selling tax software: Based on aggregated sales data for all tax year 2018 TurboTax products.
You know you have to file a tax return, but do you prepare your return yourself the old fashioned way, or using your computer, or do you throw in the towel and hire someone to do it for you?
Using your computer vs. a pencil to tally your taxes
Ever thought of preparing your tax return using your computer instead of the old pencil and calculator method? Tax preparation software makes sense when you’ve already dived into the world of preparing your own return. And even for those of you still sitting on the fence, tax preparation software may provide the nudge you need.
Looking at the perks and perils of going the techno route
Using software to prepare your tax return has a number of advantages over paper filing. The favourite, of course, is automatic recalculation: When one number on your return changes, the program updates all relevant forms and recalculates your final tax bill.
Another advantage is that most software packages are dummy-proof, set up so all you need to do is find the window that corresponds to the particular slip you have — be it a T4, T3, T5, or so on — and fill it in based on what appears in your boxes. This can save you a lot of time and frustration!
Most tax software programs allow you to NETFILE your tax return, which is fast, efficient, and ecologically friendly. NETFILING means you send your return using the Internet, instead of printing it and mailing it in. If you’re anticipating a refund, you can expect to get it faster when you NETFILE, which is an added bonus!
Shopping for tax software
It’s surprising to see how many software programs are available to prepare Canadian tax returns. If your return is simple and you don’t print off a copy to mail in to the CRA, pretty much any program will do the trick. That being said, some programs don’t prepare Quebec returns, so watch out for that. Assuming you want to NETFILE your return, here are some CRA-certified options:
- GenuTax: Downloadable multiyear software that is totally free! (Donations are welcome to fund ongoing development.) The software is Windows-only and doesn’t support Quebec returns.
- H&R Block: You can haveH&R Block complete your return for you, or use their Windows or Online Tax Programs to do your own taxes.
- *Tax Chopper by Cute Tax Inc.: Onlinesoftware; no Quebec returns.
- *TaxTron: The software is available in Windows and Mac versions, and can handle Quebec returns. Support is available online or by phone in English, French, Chinese, Hindi, and Punjabi.
- *TurboTax: You can download TurboTax by Intuit Canada for PCs from, or purchase CDs. Online editions of the software are also available for both PC and Mac users. It can handle Quebec returns!
- *UFile: UFile is part of the Dr. Tax Software group. It is another program with Quebec return capabilities. You can either use the UFile Online, or purchase UFile for Windows to install on your PC.
Getting the most from tax pros
For some people, calling for help is the last resort — and preparing their own tax return is no exception. Sometimes, however, admitting defeat and hiring someone before you get into trouble is a good idea.
Dealing with a tax professional
Be sure you have accumulated all the information necessary before sending it to your preparer. When you have a business, your best bet is to summarize all your revenue and expenses ahead of time. You’ll cut down on your fee, and ensure no relevant information is omitted.
Asking the right questions
Here’s a handy list of questions to ask your tax professional to ensure he or she can handle your situation:
- *What services do you offer? Some tax professionals only prepare tax returns; others will help you with other matters such as retirement planning or estate planning.
- *Have you worked in this area before? When you have your own business, or are an avid investor, make sure your professional has worked with similar situations before.
- *Who will prepare my return? Unless you’re dealing with a sole practitioner, the person you’re speaking to will not necessarily prepare your return. Don’t be alarmed if a junior staff member prepares your return — this is common practice and can actually save you preparation fees.
- *What is your fee structure? Most tax professionals charge by the hour, so make sure you ask upfront for the hourly fee, as well as for an estimate of the time your return will take to complete.
- *What qualifications do you have? Tax professionals should have completed a two-year, in-depth tax course offered by the Canadian Institute of Chartered Accountants.
Figuring out how to file your return
After you prepare your tax return you have some choices for filing your return with the CRA. What’s the best choice for you? Read on.
Turn it in online: Electronically file your return
Electronically filing your return is a great choice because it’s relatively easy, you can get your refund faster, and you can save a tree and the cost of a stamp!
Understanding the difference between NETFILING and EFILING
You can electronically file your return in one of two ways:
- NETFILING your return. If you’ve prepared the return yourself using CRA-approved tax software, you have the option of NETFILING your return. A list of CRA-approved tax software is on the CRA website. If you’re able to NETFILE, the CRA will send you a four-digit access code in your annual tax return information package. If you lose the number, go to the NETFILE website and apply for your code online, get it via MyAccount, or call the CRA e-Services Helpdesk at 1-800-714-7257.
- *Having your return EFILED. EFILING is used only when you’ve hired someone to prepare your return for you. The CRA must approve tax preparers to EFILE, so if you hire someone to do your taxes you’ll want to ask them whether they are EFILE-approved. You can’t EFILE your tax return yourself.
Paper filing: The old-fashioned way
Of course, not everyone embraces the computer. If you want to paper file your return you have two preparation options:
- You can fill out your tax forms by hand — ask the CRA to send you the forms, print them from the CRA website, or pick up a copy at your local post office or CRA office.
- You can go for a hybrid approach, preparing the return using your computer but then printing off a copy to mail to the CRA.
After you’ve prepared the return, the paper filing is easy. Just attach necessary information slips and receipts, sign your return and place it in the mail. Make sure you postmark it no later than midnight on April 30to avoid late filing penalties. And don’t forget a cheque, if you have a balance owing. (If you or your spouse were self-employed in the year your returns are not due until June 15—but your tax liability is still due on April 30!)
Money in the bank: Direct deposit of your tax refund
When you set up direct deposit with the CRA you get your tax refund a few days earlier than if it were mailed to you. You don’t need to worry about your tax refund cheque being lost, or about making a trip to your bank.
Complete form T1DD, “Direct Deposit Request,” with your banking details. This form can be sent in to the CRA at any time. If you haven’t sent it in before your tax return is completed, you can send it with your return.
The tax deadline is fast approaching, so you need to file quickly. Luckily, there are some awesome apps that let you file right from your iPhone or iPad. Though these apps are free to download, all the ones that allow you to e-file will require an in-app purchase.
See? It doesn't have to be painful at all.
Note: We will note that arguably, you shouldn't need specialized tax software or companies to prepare your taxes — the U.S. government has entertained several proposals throughout the years to simplify its tax code, but lobbyists from the top tax prep companies have spent millions of dollars to squash those plans to save their own bottom line. This isn't necessarily an argument against using these services — many of iMore's U.S. writers still use them. But it's worth being informed.
TurboTax Return App
When most people think of doing their own taxes, TurboTax is likely the first name on their mind. Intuit's app easily lets you get your tax return prepared and e-filed in a jiffy. It pulls all your information from a photo of your W-2 and it fills in all the correct tax forms for you. Although it automatically fills it in, always double check the information to make sure you're getting the best return. You can also go between your iPhone, iPad, or Mac whenever you need so you can keep on completing your return.
If you upgrade to the Deluxe for $60, Premier for $80, Self-Employed for $120, or TurboTax Live version for $180, the app will even search through more than 350 tax credits in order to maximize your return. The ExplainWhy feature is a convenient way to learn exactly why you're getting the refund you're getting, so that you can avoid an audit that could go south.
H&R Block Tax Prep and File 2016 returns
The other big name in taxes, H&R Block's Tax Prep and File app lets you quickly e-file after preparing your tax return in a step-by-step process. You can import last year's return from any tax-prep service, and H&R's question and answer method makes preparation easy, ensuring you don't miss anything along the way. This simple guide makes filling your taxes a breeze, and it doesn't hurt that you can do it for free.
H&R Block does offer a version that you can purchase, the Deluxe version for $35. This offer ensures that you get the best out of your return, but it's all filed in a similar way. You can snap a photo of your W-2 or add a PDF and the H&R app does the rest by filling in the appropriate forms. Always double check your forms and make sure that you didn't miss anything, and also make sure the numbers on all of your forms match the numbers in the return.
TaxAct Express
TaxAct Express is a quick way to file your taxes on your iPhone or iPad, and it starts with a quick interview to make sure it's right for your tax situation. That way you don't end up missing anything, which could cause you to get audited. You can file your federal and state taxes with TaxAct's secure e-file and direct deposit system.
You'll get step-by-step guidance in order to simplify every aspect of the process, and like the other apps mentioned, you can upload a PDF of your W-2 or snap a photo so that the app can do all the 'paperwork' for you. TaxAct Express also employs two-factor authentication and Touch ID, so your information remains secure and confidential. Besides the free version of this app, there are also a Basic for $15, Plus for $30, Freelancer for $45, and Premium version for $60 that you can purchase to get the most out of your refund.
TaxSlayer
TaxSlayer offers several tax packages designed to help you prepare and file your federal and state tax returns and get the tax deductions to which you are entitled. Each version of TaxSlayer, Classic, Premium, Military, SimplyFree, and Self-Employed, let you prepare, print, and e-file your taxes, offer an accuracy guarantee, and let you upload last year's tax return.
Except for the SimplyFree version, TaxSlayer also focuses on getting you your deductions. For $17, TaxSlayer Classic also offers support for every type of tax form and IRS inquired assistance. The $37 Premium package offers IRS audit assistance, support from tax professional and priority support. The TaxSlayer Military offers the features of Classic for free to members of the military. All of TaxSlayer's plan pricing is for your federal return, while adding your state return will cost an additional $29 on top of the rest of these plans.
TaxCaster
If you don't exactly trust filing your tax return through an app or you just want to get an estimate on your tax return, then you should check out TaxCaster. This is Intuit's free preparation app that lets you plan ahead to help you pay less in taxes or maximize your refund. In reality, this app is Intuit's way of determining the correct TurboTax product for you, but it can give you a good read on where you sit, so you can decide to file on your own or hit up a professional for help.
This app is perfect for those who like to plan ahead, as it can show you how much you could get this year and even can help you plan on an estimate for next year. This is a great way to have no surprises during tax season, and to plan ahead for the next year if you're saving for something big.
What to know if you owe
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Hopefully you'll be receiving a big refund from your completed taxes but for those of you who end up owing the IRS, there are several payment methods available. Most people will pay their tax liability by direct withdrawal from their bank account or with a physical check. You also have the option to pay using a credit or debit card but you'll have to go through a 3rd party service and pay fees upwards of 1.99% on credit cards and a flat fee of up to $4 on debit cards. Except for a few fringe cases, those added fees basically wipe out any points or miles benefits when paying with a credit card. If you're unsure which payment method to use, we'd recommend reaching out to a tax professional for assistance.
How do you file?
Do you use tax apps or do you prefer to file online or with an accountant? Got a favorite filing app? Sound off in the comments below.
Updated April 2019: Added up-to-date screenshots and the TaxSlayer option.
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